President Joe Biden announced on Thursday his administration's plan to lower gas prices for Americans, saying that "prices are rising" due US sanctions on Russia in the wake of their invasion on Ukraine. Biden calls this "Putin's price hike."
Biden announced a two-part plan, saying that the first part of his plan is to "immediately increase the supply of oil." He said that US oil companies need to pu their "profits to productive use by producing more oil, restarting idle wells or producing on sites they're already leasing."
Biden lashed out at oil companies for not drilling on the 9,000 unused leases, and said that part of his plan is to enact a "use it or lose it" policy wherein those oil companies that have untapped leases must increase production or lose the lease.
The second part of Biden's plan is to release 1 million barrels of oil per day over the next six months, a total of 180 million barrels during that period.
Biden claimed also that the world needs to reduce their dependence on oil entirely. This top-own approach brings with it federal funding for the electric auto industry, including charging stations across the US for electric vehicles.
"Ultimately, we and the whole world need to reduce our dependence on fossil fuels altogether. We need to choose long term security over energy and climate vulnerability.
"We double down on our commitment to clean energy and tackling the climate crisis with our partners and allies around the world.
"Actually," Biden continued, "my plan is literally before the Senate right now, the United States Congress right now. It's been there for over a month, to speed the transition to a clean energy future that's made in America for the American products and American values.
"Need to embrace all the tools and technologies to help us free us from our dependence on fossil fuels. Move us toward a more homegrown clean energy. Technologies made by American companies and American workers, so we can bolster democratic supply— that can be domestic supply chains here at home and export those technologies around the world to reduce greenhouse gases.
"That's why today, I'm issuing a directive to strengthen our clean energy economy. I'm going to use the Defense Production Act to secure America's supply chains," he said noting that this would be used to gather metals that are "critical, batteries for electric vehicles and storage, renewable energy, lithium, graphite, so much more.
"We need to end our long term reliance on China and other countries for inputs that will power the future. And I'll use every tool I have to make that happen.
"Building a Made in America clean energy future will help safeguard our national security. Yes, will help us tackle climate change. Yes, it's gonna help us ensure that Americans create millions of good paying jobs for generations to come. But most important, most of all right away, is to save your family money."
Biden used this opportunity to press for sustainable energy plans as well.
This is a breaking story and will be updated.
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